Silver tops $100 as gold nears $5000 on extraordinary metals rally

Silver surged past $100 per ounce for the first time Friday, adding to a rally which saw precious metals sharply outperform risk assets.

Over 4% on the day, it gained its gains to about 40% in 2026 and over 230% during the last year as silver’s market capitalization was around $5. 6 trillion – .

Gold continued to advance with silver, trading near $5,000 after reaching about $4,970 on Thursday (in the price range of around 11% in 2026 and nearly 80% over the past year as demand for traditional safe havens remains high amid macro and geopolitical uncertainty).

With markets facing trade uncertainty, geopolitical tensions and questions about monetary policy, investor appetite for precious metals has increased since Donald Trump took office in 2025.

Silver’s rise has been fueled in part by tight US relations with European allies and a lack of progress towards ending the war in Ukraine, as well as deteriorating U.S.-European alliances that have led to Silver’s surge this week.

This is also supported by concerns over the independence of the Federal Reserve. When Trump announced that he had completed interviews with the next Fed chair for the second Fed chairman, “reviving fear of political pressure on central bank” was revived,” demand for precious metals rose.

A higher level has also been the rise of the broader metals complex, which is now known as . After more than three years of subdued prices, Palladium retreated toward the $2,000 level and is up about 21% in 2026. During this year, platinum has increased about 18 per cent and lithium is around 68%.

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